Market Newsdesk

VANCOUVER, British Columbia, Nov. 30, 2020 (GLOBE NEWSWIRE) — Fosterville South Exploration Ltd. (TSX-V:FSX) is pleased to announce today that, due to strong demand, Leviathan Gold Finance Ltd. (the “Company”) has agreed with Clarus Securities Inc. (“Clarus” or the “Agent”) to further increase the size of its previously announced C$9,990,000 private placement offering. Pursuant to the upsized deal terms, Clarus has agreed to sell up to 25,980,000 subscription receipts (the “Subscription Receipts”) of the Company at a price of $0.50 per Subscription Receipt to raise gross proceeds of up to $12,990,000.

The net proceeds of the Offering will be used by the Company to fund the purchase price for the Avoca and Timor projects and for general working capital.

The securities being offered have not, nor will they be registered under the United States Securities Act of 1933, as amended, and may not be offered or sold within the United States or to, or for the account or benefit of, U.S. persons in the absence of U.S. registration or an applicable exemption from the U.S. registration requirements. This release does not constitute an offer for sale of securities in the United States.

Closing of the Offering is expected to be on or about December 8, 2020 and is subject to regulatory approval including that of the TSX Venture Exchange.

About Fosterville South Exploration Ltd.

Fosterville South has two large, 100% owned, high-grade epizonal gold projects called the Lauriston and Golden Mountain Projects, a large group of tenement applications called the Providence Project and a large group of recently consolidated tenement applications called the Walhalla Belt Project, all in the state of Victoria, Australia. The Fosterville South land packaged, assembled over a multi-year period, notably includes a 600 sq. km property immediately to the south of and within the same geological framework that hosts Kirkland Lake Gold’s Fosterville tenements. Additionally, Fosterville South has gold-focused projects called the Moormbool, Timor and Avoca Projects, which are also located in the state of Victoria, Australia.

Six of Fosterville South’s properties (Lauriston, Providence, Golden Mountain, Timor, Avoca and Walhalla Belt) have had historical gold production from hard rock sources despite limited modern exploration and drilling.

On behalf of Fosterville South
Bryan Slusarchuk
Chief Executive Officer and Director

Adam Ross, Investor Relations
Direct : (604) 229-9445
Toll Free: 1(833) 923-3334
Email: [email protected]

Forward-Looking Statements

Information set forth in this news release contains
forward-looking statements that are based on assumptions as of the date of this news release. These statements reflect management’s current estimates, beliefs,
intentions
and expectations. They are not
guarantees
of future performance. Fosterville South ca
utions that all
forward looking
statements are inherently uncertain and that actual performance may be affected by many material factors, many of which are beyond their respective control. Such factors include, among other things: risks and uncertainties r
elating to Fosterville South’s
and the Company’s limited operating histories, the
completion of the financing and the need to comply with regulations.  Accordingly,
actual
and future events, conditions and results may differ materially from the estimates,
beliefs, intentions and expectations expressed or implied in the forward-looking information. Except as required under applicable securities legislation, Fosterville South does not undertake to publicly update or revise forward-looking information.

Neither


TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the Exchange) accepts responsibility for the adequacy or accuracy of this release.

Springfield, MA, Nov. 30, 2020 (GLOBE NEWSWIRE) — Merriam-Webster, the dictionary publisher helping millions of people understand and use language better, has announced its Word of the Year for 2020: pandemic. While the COVID-19 pandemic that has defined 2020 in many ways might make the word seem like a natural choice, the selection is entirely data driven: pandemic was looked up at Merriam-Webster.com in 2020 with remarkable frequency throughout the entire year and in numbers that far exceeded 2019 lookups. In this exceptional year the data was exceptionally clear: the story of the year is the word of the year. Other words also stood out in the dictionary’s 2020 data, and they too shed light on the experiences and ideas that shaped the year.

Lookups of pandemic first spiked on February 3rd, when the first COVID-19 patient in the U.S. was released from the hospital, but close inspection of the dictionary data shows that searches for the word began to tick up consistently starting on January 20th, the date of the first positive case in the U.S. That initial February spike in lookups didn’t fall off—it grew, with dictionary users looking up pandemic an average of 4,000% more in early March than they had been a year previous. The World Health Organization’s March 11th declaration “that COVID-19 can be characterized as a pandemic” pushed lookups into the ether: that day pandemic saw the single largest spike in dictionary traffic in 2020, increasing 115,806% over its 2019 lookups. The word remained high for the remainder of the year.

 “Pandemic is the word that has connected the worldwide medical emergency with the political response and with our personal experience of it all,” says Peter Sokolowski, Editor at Large for Merriam-Webster. “Words that might be part of our general vocabulary send us to the dictionary when they suddenly seem technical, medical, or legal. The word pandemic, though familiar, came into the news this year with an urgent specificity.” 

Gallery: Get more detail on all the 2020 Words of the Year

Other top lookups include malarkey, an old-fashioned word that’s a favorite of President-elect Joe Biden, and one he used several times during the presidential debate in October. The word is defined as “insincere or foolish talk.”

Entertainment and sports also inspired people to turn to the dictionary. The word kraken saw a large spike in lookups when Seattle’s brand-new National Hockey League franchise chose the word as its team name. Nomenclature was also behind searches for antebellum. In June, an award-winning musical trio announced a name change: “Lady Antebellum” would now officially be called “Lady A”; and in September a horror movie using the word as its title was released.

The dictionary’s data also opened a window onto the thoughts of people processing the loss of some prominent and beloved Americans. Mamba rose high in the lookups when basketball great Kobe Bryant, whose nickname was Black Mamba, died in January, and searches for the word icon climbed in reaction to the deaths of both Representative John Lewis in July and Supreme Court Justice Ruth Bader Ginsburg in September.

Podcast: Listen to Merriam-Webster editors discuss the Word of the Year

“The words that rise to prominence when we examine our data at the year’s end always say something about our collective experience. In this case, the Word of the Year is one that has truly touched us all. Pandemic is not only an important medical term; it’s likely that this period of time will be forever known by this word,” says Sokolowski.

Attachment

• word-of-the-year-2020-pandemic_PR.jpg

Meghan Lunghi
Merriam-Webster Inc.
4137343134 x8152
[email protected]

Highlights and subsequent events

• Golar LNG Partners LP (“Golar Partners” or “the Partnership”) generated operating income of $32.1 million for the third quarter of 2020, exclusive of its interest in FLNG Hilli Episeyo.
• After accounting for $1.1 million of non-cash mark-to-market interest rate swap losses, the Partnership reported net income attributable to unit holders of $17.4 million for the third quarter.
• The Partnership generated distributable cash flow¹ of $20.7 million for the third quarter resulting in a distribution coverage ratio¹ of 14.50.
• The Partnership entered into a cooperation agreement with Hygo Energy Transition Limited (“Hygo”), formerly known as Golar Power Limited, to develop terminals using Golar Partners’ asset portfolio.
• Increased utilization of the carrier Golar Maria helped lift the Partnership’s overall fleet utilization to 98% for the quarter.
• The Partnership declared a distribution for the third quarter of $0.0202 per unit.

Financial Results Overview

Golar Partners reports net income attributable to unit holders of $17.4 million and operating income (which excludes its share of Hilli Episeyo which is accounted for under the equity method) of $32.1 million for the third quarter of 2020 (“the third quarter” or “Q3”), as compared to net income attributable to unit holders of $14.3 million and operating income of $32.8 million for the second quarter of 2020 (“the second quarter” or “Q2”) and net income attributable to unit holders of $7.9 million and operating income of $35.9 million for Q3 2019.

Consolidated GAAP Financial Information
(in thousands of $)	Q3 2020		Q2 2020		Q3 2019
Total Operating Revenue	71,113		72,114		75,818
Vessel Operating Expenses	(14,015)		(12,991)		(14,740)
Voyage and Commission Expenses	(1,571)		(2,359)		(1,685)
Administrative Expenses	(3,427)		(3,913)		(3,110)
Operating Income	32,117		32,805		35,903
Interest Income	4,203		4,615		4,990
Interest Expense	(17,805)		(17,115)		(19,764)
Losses on Derivative Instruments, net	(1,051)		(4,472)		(9,937)
Net income attributable to Golar LNG Partners LP Owners	17,360		14,264		7,924

Non-GAAP Financial Information1
(in thousands of $)	Q3 2020		Q2 2020		Q3 2019
Adjusted Interest Income	114		416		925
Adjusted Net Debt	1,438,258		1,483,319		1,551,154

Segment Information2
	Q3 2020								Q2 2020								Q3 2019
(in thousands of $)	FSRU*		LNG Carrier*		FLNG**		Total		FSRU*		LNG Carrier*		FLNG**		Total		FSRU*		LNG Carrier*		FLNG**		Total
Total Operating Revenues	58,276		12,837		26,018		97,131		59,033		13,081		26,018		98,132		63,490		12,328		26,018		101,836
Amount invoiced under sales-type lease	4,600		—		—		4,600		4,550		—		—		4,550		4,600		—		—		4,600
Adjusted Operating Revenues 1	62,876		12,837		26,018		101,731		63,583		13,081		26,018		102,682		68,090		12,328		26,018		106,436
Voyage and Commission Expenses	(1,450)		(121)		—		(1,571)		(935)		(1,424)		—		(2,359)		(1,002)		(683)		—		(1,685)
Vessel Operating Expenses	(9,627)		(4,388)		(6,048)		(20,063)		(8,525)		(4,466)		(5,611)		(18,602)		(9,542)		(5,198)		(5,686)		(20,426)
Administrative Expenses	(2,093)		(1,334)		(121)		(3,548)		(2,469)		(1,444)		(122)		(4,035)		(1,870)		(1,240)		(223)		(3,333)
Total Adjusted EBITDA1	49,706		6,994		19,849		76,549		51,654		5,747		20,285		77,686		55,676		5,207		20,109		80,992

* Indirect administrative expenses are allocated to the FSRU and LNG carrier segments based on the number of vessels.
** Relates to effective share of revenues and expenses attributable to our investment in Golar Hilli LLC (“Hilli LLC”) had we consolidated our 50% ownership of the Hilli common units.

In order to incorporate the economic performance of the FSRU Golar Freeze into total company performance, management has determined that it will measure the performance of the Golar Freeze sales-type lease based on Adjusted EBITDA¹ (EBITDA as adjusted for the amount invoiced under sales-type lease in the period).

The Partnership’s Q3 Adjusted Operating Revenues¹ including amounts invoiced under the Golar Freeze sales-type lease and the Partnership’s effective share of operating revenues from FLNG Hilli Episeyo, decreased by $1.0 million relative to Q2. The decrease from $102.7 million to $101.7 million was primarily the result of a scheduled step down in the daily rate earned for one of the Partnership’s FSRUs after passing a five-year service milestone. Voyage and commission expenses at $1.6 million decreased by $0.8 million relative to the second quarter. Reduced bunker consumption by the Golar Maria which experienced less idle time during the quarter accounts for much of this decrease. Having spent a full quarter in layup, Golar Mazo was not included in utilization or fleet wide average daily time charter earnings¹ (“TCE”) calculations in Q3. As a result, both utilization and TCE¹ improved. Utilization increased from 92% in Q2 to 98% in Q3 whilst TCE¹ increased from $96,300 in Q2 to $100,700 in Q3.

Vessel operating expenses increased by $1.5 million from $18.6 million in Q2 to $20.1 million in Q3. Additional crew costs continue to be incurred as a result of the complex logistics associated with crew changes during the COVID outbreak. In anticipation of the FLNG Hilli Episeyo’s annual maintenance window in early October, additional spares were also purchased during the quarter. Lower legal and professional fees account for much of the $0.5 million decrease in administrative expenses, which reduced from $4.0 million in Q2 to $3.5 million in Q3.

Interest expense increased $0.7 million from $17.1 million in Q2 to $17.8 million in Q3. A full quarter’s interest expense on the two May 20, 2020 amended high yield bonds at a higher margin and recognition of a potential 5% premium payable at maturity on each bond was partially offset by the impact of a decrease in LIBOR and ongoing debt principal repayments.

Losses on derivative instruments reduced by $3.4 million from $4.5 million in Q2 to $1.1 million in Q3 due to a small increase in longer-term swap rates during the quarter that resulted in a mark-to-market gain on interest rate swaps. As of September 30, 2020, the average fixed interest rate of swaps related to bank debt, including the Partnership’s effective share in respect of Hilli Episeyo was approximately 2.3%.

Declaration of the third quarter dividend in respect of FLNG Hilli Episeyo was delayed until costs associated with its scheduled  early October maintenance window had been accurately estimated. The Partnership received its third quarter dividend in October. Q3 distributable cash flow¹ and the distribution coverage ratio¹ decreased accordingly, to $20.7 million and 14.5 respectively.

Operational Review

Utilization increased during the quarter, from 92% in Q2 to 98% in Q3, driven by a full quarter in layup for the Golar Mazo and fewer idle days for the Golar Maria.

FLNG Hilli Episeyo, which completed its scheduled maintenance window in October, on time and without issue, continues to maintain 100% commercial uptime. It recently offloaded its 47th cargo and continues to reliably deliver quarterly LNG tolling revenues, less operating costs, of around $40 million; 50% of which is for GMLP’s account.

Although some of the tasks postponed as a result of COVID related movement restrictions have been carried out, it has not been possible to do everything planned. Operating costs did not therefore increase to the extent expected in Q3 and ongoing restrictions mean that some tasks will be further deferred, possibly to the spring of 2021. Despite the additional challenges posted by the current operating environment, the Partnership was pleased to note that the FSRU Golar Winter recently completed four consecutive years with zero lost time incidents (“LTI”), equivalent to 1.2 million LTI free exposure hours. Following the recent launch of an energy management initiative, fuel performance for the carrier fleet under Golar’s management has also improved significantly, saving our customers money, and, more importantly, helping the environment in the process.

Financing and Liquidity

As of September 30, 2020, Golar Partners had cash and cash equivalents of $42.3 million. Including the Partnership’s $397.5 million share of debt in respect of FLNG Hilli Episeyo, Adjusted Net Debt¹ as at September 30, 2020 was $1,438.3 million. Q3 2020 Total Adjusted EBITDA¹ amounts to $76.5 million. Based on the above, the Q3 Adjusted Net Debt¹ to Annualized Adjusted EBITDA¹ ratio was 4.7x. As of September 30, 2020, exclusive of a $100.0 million forward start swap, Golar Partners had interest rate swaps with a notional outstanding value of approximately $1,152.3 million (including swaps with a notional value of $250.0 million in connection with the Partnership’s bonds and $397.5 million in respect of Hilli Episeyo), representing approximately 78% of total debt and finance lease obligations, including assumed debt in respect of Hilli Episeyo, net of restricted cash.

The average fixed interest rate of swaps related to bank debt, including the Partnership’s effective share in respect of Hilli Episeyo is approximately 2.3% with an average remaining period to maturity of approximately 3.1 years as of September 30, 2020.

Inclusive of Hilli Episeyo related debt, outstanding bank debt as of September 30, 2020, was $1,157.0 million, which had average margins, in addition to LIBOR, of approximately 2.19%. As at September 30, 2020, the Partnership also had a November 2021 maturing $150.0 million amortizing Norwegian USD bond with a coupon of LIBOR plus 6.25% and a November 2022 maturing $250 million amortizing Norwegian USD bond with a coupon of LIBOR plus 8.1%. Both bonds have call options at 100% of par until May 2021 and at 105% until maturity thereafter. Inclusive of the accumulated accretion of the potential 5% premium payable at maturity and net of amounts repaid, $146.5 million was outstanding in respect of the November 2021 maturing bond and $246.6 million was outstanding in respect of the November 2022 maturing bond, as at September 30, 2020. Given the low interest rate environment and plans to refinance both bonds ahead of their new maturity dates, the Partnership has refrained from entering into new contracts to replace those bond related swaps that matured during Q2 or to extend the duration of those that remain.

The Partnership has now obtained credit approval from lead banks in connection with the refinancing of the 7-vessel $800 million facility, of which, as at September 30, 2020, $529 million was outstanding. Expectations are this could be increased after a syndication exercise.

Corporate and Other Matters

As of September 30, 2020, there were 70,738,027 common and general partner units outstanding in the Partnership. Of these, 22,769,977, including 1,436,391 general partner units, were owned by Golar, representing a 32.2% interest in the Partnership.   

On October 27, 2020, Golar Partners declared a distribution for the second quarter of $0.0202 per unit. This distribution was paid on November 13, 2020 to common and general partner unit holders of record as at November 6, 2020.

A cash distribution of $0.546875 per Series A preferred unit for the period covering August 15, 2020 through to November 14, 2020 was also declared. This was paid on November 16, 2020 to all Series A preferred unit holders of record as at November 9, 2020.

Total outstanding and exercisable options as at September 30, 2020 were 24,000. A further 58,960 Restricted Stock Units are in issue which will vest over three years.

At the Partnership’s Annual General Meeting on September 24, Neil Glass was elected as a Class I Director and Carl Steen was elected as a Class II Director. Neil Glass has also been appointed to the Partnership’s Audit Committee.

LNG Market Review

The quarter commenced with JKM at around $2.15/mmbtu and quoted steam turbine (“ST”) headline spot rates of around $20k/day. Further US cargo cancellations over the summer months and higher than normal European storage levels resulted in a slower seasonal recovery in shipping rates. Hurricane related interruptions also cut US supply in early September and contributed to a buildup of tonnage in the Atlantic. This temporarily halted carrier rate increases being seen from late August and further boosted LNG prices that were increasing as a result of earlier supply re-balancing. As production resumed, a widening of the west-east arbitrage quickly absorbed available vessels and freight rates resumed their upward seasonal trajectory. The quarter ended with JKM at around $5.15/mmbtu and quoted ST headline spot rates of around $43k/day.

Full utilization of available US export capacity and increasingly long haul trades are currently supported by strong winter demand in key Asian markets and supply outages elsewhere, leading to higher LNG prices and widening regional price differentials into Q4. The LNG Carrier, Golar Maria is expected to achieve around 80% utilization for Q4 and record a TCE¹ similar to that achieved in Q3. Her term contract is scheduled to commence around the end of this year.

Up to 20-25 million tons of unutilized liquefaction capacity may return to the market in 2021. Growing underlying demand and limited new nameplate capacity additions through to 2023 are expected to result in LNG prices that do not compromise its competitiveness relative to other less environmentally friendly fuels but do support a more sustained increase in US-Asia trade and ton-mile demand for shipping.

Golar Partners agreed with Hygo on August 31 to terminate the existing omnibus agreement between the two parties and to replace that with a new cooperation agreement. The intention of the cooperation agreement is that both parties will work together to develop hub-spoke LNG terminal solutions utilizing Golar Partners’ available asset portfolio, where those assets are suitable. The terms and structure of the commercial cooperation will be worked on a project by project basis given the customized nature of each potential terminal. As well as leveraging the expertise of the Hygo team to develop FSRU terminals and parcel regasification demand, this agreement will, alongside normal FSRU tendering activity, increase the Partnership’s re-contracting options, and provide an opportunity to potentially earn higher returns than those typically available from standard FSRU contracts in the current market.

Outlook

Golar Partners will, together with the Hygo team, commence work on assessments of the addressable markets for small scale LNG distribution and fuel switching opportunities for larger industrial users in the regions around the Partnership’s FSRUs.

As expected, LNG carrier spot rates have improved substantially in recent months in line with seasonality. This will have little impact on the Partnership’s expected total adjusted EBITDA¹ for Q4 which is expected to be broadly similar to Q3, however it does reflect a firming underlying demand for LNG and a gradual return to more traditional trading patterns. This can create upward pressure on ton miles over the coming years resulting in a more supportive backdrop for re-contracting or extending the current Golar Grand charter in May 2021.

FORWARD LOOKING STATEMENTS

This press release contains certain forward-looking statements concerning future events and Golar Partners’ operations, performance and financial condition. Forward-looking statements include, without limitation, any statement that may predict, forecast, indicate or imply future results, performance or achievements, and may contain the words “believe,” “anticipate,” “expect,” “estimate,” “project,” “will be,” “will continue,” “will likely result,” “plan,” “intend” or words or phrases of similar meanings. These statements involve known and unknown risks and are based upon a number of assumptions and estimates that are inherently subject to significant uncertainties and contingencies, many of which are beyond Golar Partners’ control. Actual results may differ materially from those expressed or implied by such forward-looking statements. Important factors that could cause actual results to differ materially include, but are not limited to:

• the ability of Golar LNG Partners LP (“Golar Partners,” “we,” “us” and “our”) and Golar LNG Limited’ (“Golar”) to make additional borrowings and to access debt and equity markets;
• our ability to repay our debt when due and to settle our interest rate swaps;
• our ability to enter into long-term time charters, including our ability to re-charter floating storage and regasification units (“FSRUs”), liquefied natural gas (“LNG”) carriers and floating liquefied natural gas units (“FLNGs”) following the termination or expiration of their time charters;
• our ability to maximize the use of our vessels, including the re-deployment or disposal of vessels no longer under long-term time charter;
• the length and severity of outbreaks of pandemics, including the recent worldwide outbreak of the novel coronavirus (“COVID-19”) and its impact on demand for LNG and natural gas, the operations of our charterers, our global operations and our business in general;
• the liquidity and creditworthiness of our charterers;
• the effect of a worldwide economic slowdown;
• changes in commodity prices;
• turmoil in the global financial markets;
• fluctuations in currencies and interest rates;
• market trends in the FSRU, LNG carrier and FLNG industries, including fluctuations in charter hire rates, vessel values, factors affecting supply and demand, and opportunities for the profitable operations of FSRUs, LNG carriers and FLNGs;
• availability of skilled labor, vessel crews and management, including possible disruptions caused by the COVID-19 outbreak;
• our vessel values and any future impairment charges we may incur;
• disruption of shipping routes due to accidents, political events, piracy or acts by terrorists;
• future sales of our securities in the public market;
• our anticipated growth strategies;
• the future share of earnings relating to the FLNG, Hilli Episeyo (“Hilli”), which is accounted for under the equity method;
• our ability to integrate and realize the expected benefits from acquisitions and potential acquisitions;
• our ability to make cash distributions on our units and the amount of any such distributions;
• changes in our operating expenses, including dry-docking and insurance costs and bunker prices;
• estimated future maintenance and replacement capital expenditures;
• our future financial condition or results of operations and future revenues and expenses;
• planned capital expenditures and availability of capital resources to fund capital expenditures;
• the exercise of purchase options by our charterers;
• our ability to maintain long-term relationships with major LNG traders;
• our ability to leverage the relationships and reputation of Golar and Hygo Energy Transition Ltd. (“Hygo”), formerly known as Golar Power Limited, in the LNG industry;
• the ability of Golar and us to retrofit vessels as FSRUs or FLNGs and the timing of the delivery and acceptance of any such retrofitted vessels by their respective charterers;
• our ability to purchase vessels from Golar and Hygo in the future;
• timely purchases and deliveries of new build vessels;
• future purchase prices of new build and secondhand vessels;
• our ability to compete successfully for future chartering and newbuilding opportunities;
• acceptance of a vessel by its charterer;
• termination dates and extensions of charters;
• the expected cost of, and our ability to comply with, governmental regulations, maritime self-regulatory organization standards, as well as standard regulations imposed by our charterers applicable to our business;
• our general and administrative expenses and our fees and expenses payable under the fleet management agreements and the management and administrative services agreement between us and Golar Management (or the “Management and Administrative Services Agreement”);
• challenges by authorities to the tax benefits we previously obtained;
• the anticipated taxation of our partnership and distributions to our unitholders;
• economic substance laws and regulations adopted or considered by various jurisdictions of formation or incorporation of us and certain of our subsidiaries;
• our and Golar’s ability to retain key employees;
• customers’ increasing emphasis on environmental and safety concerns;
• potential liability from any pending or future litigation; and
• other factors listed from time to time in the reports and other documents that we file with the U.S. Securities and Exchange Commission (the “SEC”).

Factors may cause actual results to be materially different from those contained in any forward-looking statement. Golar Partners does not intend to release publicly any updates or revisions to any forward-looking statements contained herein to reflect any change in Golar Partners’ expectations with respect thereto or any change in events, conditions or circumstances on which any such statement is based.

November 30, 2020
Golar LNG Partners L.P.
Hamilton, Bermuda
Questions should be directed to:
c/o Golar Management Ltd – +44 207 063 7900
Karl Fredrik Staubo – Chief Executive Officer
Stuart Buchanan – Head of Investor Relations

This information is subject to the disclosure requirements pursuant to Section 5-12 the Norwegian Securities Trading Act

Attachment

• Interim results for the period ended 30 September 2020

NEW YORK, Nov. 30, 2020 (GLOBE NEWSWIRE) — Seaport Global Acquisition Corp. (the “Company”) announced today that it priced its initial public offering of 12,500,000 units, at $10.00 per unit. The units will be listed on the Nasdaq Capital Market (“Nasdaq”) and will begin trading today, Monday, November 30, 2020, under the ticker symbol “SGAMU.” Each unit consists of one share of the Company’s Class A common stock and three-quarters of one redeemable warrant, each whole warrant entitling the holder thereof to purchase one share of Class A common stock at a price of $11.50 per share. Only whole warrants are exercisable. No fractional warrants will be issued upon separation of the units and only whole warrants will trade. Once the securities comprising the units begin separate trading, shares of the Class A common stock and warrants are expected to be listed on Nasdaq under the symbols “SGAM” and “SGAMW,” respectively.

The offering is expected to close on December 2, 2020, subject to customary closing conditions.

The Company is a newly organized blank check company formed for the purpose of effecting a merger, capital stock exchange, asset acquisition, stock purchase, reorganization or similar business combination with one or more businesses. While the Company may pursue an initial business combination target in any business or industry, it intends to focus its search on companies emerging from a reorganization or distressed situation. The Company is led by Chairman and Chief Executive Officer, Stephen C. Smith, and Chief Financial Officer, Michael Ring. In addition to Messrs. Smith and Ring, the Board of Directors includes Jay Burnham, Shelley Greenhaus, Jeremy Hedberg and Charles Yamarone.
        

B. Riley Securities, Inc. is acting as sole book-running manager of the offering. The Company has granted B. Riley Securities, Inc. a 45-day option to purchase up to an additional 1,875,000 units at the initial public offering price to cover over-allotments, if any.

The offering is being made only by means of a prospectus. Copies of the preliminary prospectus relating to the offering and final prospectus, when available, may be obtained from B. Riley Securities, Inc. at 1300 17th Street N., Suite 1400, Attn: Syndicate Prospectus Department, Arlington, Virginia 22209, by telephone at (800) 846-5050 or by email at [email protected].

A registration statement relating to these securities has been filed with, and declared effective by, the Securities and Exchange Commission (“SEC”) on November 27, 2020.  This press release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of these securities in any state or jurisdiction in which such an offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.

FORWARD-LOOKING STATEMENTS

This press release contains statements that constitute “forward-looking statements,” including with respect to the initial public offering and the anticipated use of the net proceeds. No assurance can be given that the offering discussed above will be completed on the terms described, or at all, or that the net proceeds of the offering will be used as indicated. Forward-looking statements are subject to numerous conditions, many of which are beyond the control of the Company, including those set forth in the Risk Factors section of the Company’s registration statement and preliminary prospectus for the offering filed with the SEC. Copies are available on the SEC’s website, www.sec.gov. The Company undertakes no obligation to update these statements for revisions or changes after the date of this release, except as required by law.

Contact

Stephen C. Smith
Chairman and Chief Executive Officer
Seaport Global Acquisition Corp.
360 Madison Avenue, 20th Floor
New York, NY 10017
Telephone: 212-616-7700 

CORNING, NY, Nov. 30, 2020 (GLOBE NEWSWIRE) — At today’s Credit Suisse Annual Technology Conference, Corning Incorporated (NYSE: GLW) Chief Strategy Officer Dr. Jeffrey Evenson will provide investors with an update about the company’s expected financial performance in the fourth quarter of 2020.

Highlights of Dr. Evenson’s remarks will include:

• Fourth-quarter sales are expected to grow 5% to 8% sequentially  
   
• Operating margin is expected to grow at approximately double the rate of sales sequentially

Dr. Evenson will tell conference attendees, “Despite a challenging macro environment, we continue to perform well and deliver meaningful accomplishments across the company. The relevance of our capabilities and our relationships with industry leaders are creating new opportunities for us to support customers with more Corning content. We are generating top- and bottom-line growth in multiple businesses and our strategic investments are paying off. Overall, our performance demonstrates the strength of Corning’s portfolio and our ability to execute.”

Corning’s presentation to investors will be available via webcast by accessing the investor events calendar on Corning’s Investor Relations website at www.corning.com/investor_relations.

Forward-Looking and Cautionary Statements

This press release contains “forward-looking statements” (within the meaning of the Private Securities Litigation Reform Act of 1995), which are based on current expectations and assumptions about Corning’s financial results and business operations, that involve substantial risks and uncertainties that could cause actual results to differ materially. These risks and uncertainties include: the duration and severity of the recent COVID-19 (coronavirus) outbreak, and its ultimate impact across our businesses on demand, operations and our global supply chains; the effects of acquisitions, dispositions and other similar transactions by the Company, the effect of global business, financial, economic and political conditions; tariffs and import duties; currency fluctuations between the U.S. dollar and other currencies, primarily the Japanese yen, New Taiwan dollar, euro, Chinese yuan, and South Korean won; product demand and industry capacity; competitive products and pricing; availability and costs of critical components and materials; new product development and commercialization; order activity and demand from major customers; the amount and timing of our cash flows and earnings and other conditions, which may affect our ability to pay our quarterly dividend at the planned level or to repurchase shares at planned levels; possible disruption in commercial activities due to terrorist activity, cyber-attack, armed conflict, political or financial instability, natural disasters, or major health concerns; unanticipated disruption to equipment, facilities, IT systems or operations; effect of regulatory and legal developments; ability to pace capital spending to anticipated levels of customer demand; rate of technology change; ability to enforce patents and protect intellectual property and trade secrets; adverse litigation; product and components performance issues; retention of key personnel; customer ability, most notably in the Display Technologies segment, to maintain profitable operations and obtain financing to fund their ongoing operations and manufacturing expansions and pay their receivables when due; loss of significant customers; changes in tax laws and regulations including the Tax Cuts and Jobs Act of 2017; and the potential impact of legislation, government regulations, and other government action and investigations.

For a complete listing of risks and other factors, please reference the risk factors and forward-looking statements described in our annual reports on Form 10-K and quarterly reports on Form 10-Q. Forward-looking statements speak only as of the day that they are made, and Corning undertakes no obligation to update them in light of new information or future events.

Web Disclosure

In accordance with guidance provided by the SEC regarding the use of company websites and social media channels to disclose material information, Corning Incorporated (“Corning”) wishes to notify investors, media, and other interested parties that it uses its website (http://www.corning.com/worldwide/en/about-us/news-events.html) to publish important information about the company, including information that may be deemed material to investors, or supplemental to information contained in this or other press releases. The list of websites and social media channels that the company uses may be updated on Corning’s media and website from time to time. Corning encourages investors, media, and other interested parties to review the information Corning may publish through its website and social media channels as described above, in addition to the company’s SEC filings, press releases, conference calls, and webcasts.

About Corning Incorporated

Corning (www.corning.com) is one of the world’s leading innovators in materials science, with a 169-year track record of life-changing inventions. Corning applies its unparalleled expertise in glass science, ceramic science, and optical physics along with its deep manufacturing and engineering capabilities to develop category-defining products that transform industries and enhance people’s lives. Corning succeeds through sustained investment in RD&E, a unique combination of material and process innovation, and deep, trust-based relationships with customers who are global leaders in their industries. Corning’s capabilities are versatile and synergistic, which allows the company to evolve to meet changing market needs, while also helping our customers capture new opportunities in dynamic industries. Today, Corning’s markets include optical communications, mobile consumer electronics, display, automotive, and life sciences.

Media Relations Contact:    
Gabrielle Bailey                                                         
(607) 974-6394                                                          
[email protected]                                               
           
Investor Relations Contact:
Ann H.S. Nicholson
(607) 974-6716
[email protected]

TORONTO, Nov. 30, 2020 (GLOBE NEWSWIRE) — Profound Medical Corp. (NASDAQ:PROF; TSX:PRN) (“Profound” or the “Company”), the only company to provide customizable, incision-free therapies which combine real-time Magnetic Resonance Imaging (“MRI”), thermal ultrasound and closed-loop temperature feedback control for the radiation-free ablation of diseased tissue, announced today that Linda Maxwell, M.D., has resigned from its Board of Directors and Murielle Lortie, CPA, CA, has been appointed as Dr. Maxwell’s successor, effectively immediately.

Ms. Lortie has an accomplished history of financial leadership success within the global life science industry. She currently serves as Chief Financial Officer of Liminal BioSciences Inc. (“Liminal”), a Nasdaq-listed, clinical-stage biopharmaceutical company. Prior to joining Liminal, Ms. Lortie was Vice President & Chief Financial Officer and Advisor to the CEO, Global Strategy, Mergers & Acquisitions at Pharmascience Inc. Previously, she has held senior positions in finance at Bristol Myers Squibb, including Vice-President of Finance for Bristol Myers Squibb Canada Co. and Global Director of Finance supporting BMS Headquarters.

Ms. Lortie is a Chartered Professional Accountant and member of the Ordre des comptables professionnels agrées du Québec. She holds a Graduate Diploma in Accountancy from Concordia University and a Bachelor of Business Administration Bishop’s University. She has extensive corporate governance experience, previously serving on the Boards of Bellus Health Inc. and Pharmascience Barbados Ltd. & Pharmascience International Ltd. Ms. Lortie is currently a Board member of Finance Executives International (FEI) Canada.

“On behalf of the Board and staff of Profound, I would like to take this opportunity to thank Linda for her many contributions to the Company and wish her all the best in her future endeavours,” commented said Arun Menawat, Profound’s CEO and Chairman. “I am also very pleased to welcome Murielle to our team. She is not only an experienced executive in the life science industry, but also has a breadth of relevant public company and Board experience that should be invaluable as Profound executes the next stages of its growth strategy.”

About Profound Medical Corp.

Profound is a commercial-stage medical device company that develops and markets customizable, incision-free therapies for the ablation of diseased tissue.

Profound is commercializing TULSA-PRO^®, a technology that combines real-time MRI, robotically-driven transurethral ultrasound and closed-loop temperature feedback control. TULSA-PRO^® is designed to provide customizable and predictable radiation-free ablation of a surgeon-defined prostate volume while actively protecting the urethra and rectum to help preserve the patient’s natural functional abilities. TULSA-PRO^® has the potential to be a flexible technology in customizable prostate ablation, including intermediate stage cancer, localized radio-recurrent cancer, retention and hematuria palliation in locally advanced prostate cancer, and the transition zone in large volume benign prostatic hyperplasia (BPH). TULSA-PRO^® is CE marked, Health Canada approved, and 510(k) cleared by the U.S. Food and Drug Administration.

Profound is also commercializing Sonalleve^®, an innovative therapeutic platform that is CE marked for the treatment of uterine fibroids and palliative pain treatment of bone metastases. Sonalleve^® has also been approved by the China National Medical Products Administration for the non-invasive treatment of uterine fibroids. The Company is in the early stages of exploring additional potential treatment markets for Sonalleve^® where the technology has been shown to have clinical application, such as non-invasive ablation of abdominal cancers and hyperthermia for cancer therapy.

Forward-Looking Statements

This release includes forward-looking statements regarding Profound and its business which may include, but is not limited to, the expectations regarding the efficacy of Profound’s technology in the treatment of prostate cancer, uterine fibroids and palliative pain treatment. Often, but not always, forward-looking statements can be identified by
the use of words such as “plans”, “is expected”, “expects”, “scheduled”, “intends”, “contemplates”, “anticipates”, “believes”, “proposes” or variations (including negative variations) of such words and phrases, or state that certain actions, events or results “may”, “could”, “would”, “might” or “will” be taken, occur or be achieved. Such statements are based on the current expectations of the management of Profound. The forward-looking events and circumstances discussed in this release, may not occur by certain specified dates or at all and could differ materially as a result of known and unknown risk factors and uncertainties affecting the company, including risks regarding the pharmaceutical industry,
regulatory approvals, reimbursement,
economic factors, the equity markets generally and risks associated with growth and competition. Although Profound has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking statements, there may be other factors that cause actions, events or results to differ from those anticipated, estimated or intended. No forward-looking statement can be guaranteed.
In addition, there is uncertainty about the spread of the COVID-19 virus and the impact it will have on
Profound
’s
operations, the demand for its products, global supply chains and economic activity in general.
Except as required by applicable securities laws, forward-looking statements speak only as of the date on which they are made and Profound undertakes no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events, or otherwise, other than as required by law.

For further information, please contact:

Stephen Kilmer
Investor Relations
[email protected]
T: 647.872.4849 

VANCOUVER, British Columbia, Nov. 30, 2020 (GLOBE NEWSWIRE) — Goldstrike Resources Ltd. (GSR.V) (Goldstrike) is pleased to announce that a limited program of prospecting and geochemical surveying in 2020 has confirmed high-grade gold (Au) mineralization at its newly staked McMurdo property in southern British Columbia, Canada.

This includes in situ and float rock samples that assayed up to 175.9 g/t Au (5.13 oz/ton) from its newly expanded “Crown Point” zone. Significant assay results exceeding 10 g/t Au are presented in Table 1.

Table 1: Significant assay results from Crown Point and Decision Creek (>10 g/t Au)

Rock Sample ID	Type	Exposure	Gold (g/t)	Description
1880106	Grab	Outcrop	47.4	20-30cm quartz vein with blebs of pyrite along margin of vein. Approx. 10% pyrite.
1880108	Grab	Outcrop	175.9	2m-wide boudinaged quartz vein with massive pyrite seam along vein margin. Approx. 70% pyrite.
1880115	Grab	Float	76	Quartz vein sample from tailings with patchy massive pyrite blebs. Approx. 60% pyrite.
1880132	Grab	Outcrop	49.7	1.5m-wide boudinaged quartz vein with blebby pyrite. Approx. 20% pyrite.
1880032	Grab	Outcrop	13.3	>2m-wide quartz vein with patchy-massive arsenopyrite and pyrite.

The program, designed to confirm the gold potential of the property, was successful in both extending historical gold showings and discovering new high-grade gold in quartz veins. A total of 33 soil samples and 74 rock grab samples were collected during the program. The results highlight the potential for significant precious metal mineralization in the area.

The Crown Point zone comprises a 400m x 300m area that contains auriferous quartz veins hosted in a micaceous grit unit. This area has been exposed following roughly 700m of glacial retreat since the turn of the 20^th century, which provided company geologists with the opportunity to significantly expand the known historic mineralized zone. The quartz veins range from a few centimetres to 3m in width and contain irregularly disseminated pyritic mineralization throughout. Grab samples from these veins assayed up to 175.9 g/t (5.13 oz/t) Au.

Refer to this link https://goldstrikeresources.com/wp-content/uploads/CROWN_POINT_ZONE_MM.jpg for the 2020 Crown Point sample results map.

The gold bearing quartz veins are hosted in a micaceous grit unit that is repeated ~1,700m to the southeast where known historical gold mine workings occur. These historical workings host gold mineralization analogous to the newly discovered Crown Point gold showings. Both showings are located on the same axial trace of a regional antiform and are within property boundaries. First-pass sampling from the historic workings returned gold assays up to 76 g/t (2.22 oz/ton) Au from pyritic quartz veins, and anomalous gold-in-soil assays up to 88 ppb Au. The similar geological and mineralogical settings of the two showings indicate potential for significant southeastward expansion of the high-grade gold system at Crown Point.

Refer to this link https://goldstrikeresources.com/wp-content/uploads/GOLD_RESULTS_MAP_MM.jpg for the 2020 property-wide sample results map.

This is the first-time modern exploration methods have been employed to identify the gold potential of the McMurdo Property. Based on the strong results from this first-pass program, it is Goldstrike’s opinion that there is excellent potential for additional high-grade gold discoveries.

About McMurdo
:

Location

The McMurdo property is a regional grassroots exploration target, generated in-house by Goldstrike’s exploration team. The property covers 1,728 hectares (4,258 acres) of highly prospective geology located in the northern Purcell Mountain range of southeast British Columbia. The property is located 30 kilometres southeast of Golden, British Columbia and can be accessed via maintained forest service roads or by helicopter based in the nearby town of Golden. It is 100%-owned by Goldstrike Resources with no underlying royalties or payments.

Geology

The property is underlain by a thick sequence of Proterozoic marine sedimentary rocks exposed in the core of the northwest trending Purcell Anticlinorium. This anticlinorium is deformed by a complex series of thrust faults and folds running parallel to the northwest-southeast trending axial trace. The rocks exposed on the McMurdo property belong to the Horsethief Creek group and comprise a series of prominent grit and quartzite sedimentary members separated by shales and minor carbonate units. The Cretaceous Battle Range Batholith intrudes the sedimentary rocks approximately 10 km southwest of the property. Gold mineralization occurs mainly as pyritic quartz veins that strike northwest and are steeply dipping to the northeast. The quartz veins are typically confined to the coarser grained grits and quartzites. Replacement style lead-zinc-silver (Pb-Zn-Ag) mineralization is confined to the more finely textured carbonate and shale units.

Refer to this link https://goldstrikeresources.com/wp-content/uploads/McMurdo_Goldstrike_Resources_Presentation_Final_2020.pdf for the 2020 McMurdo presentation.

History

The area was first prospected in the late 1800s for gold and then shortly after for lead, zinc, and silver. The first gold discoveries were made in the early 1890s, and a small stamp mill was built on Decision Creek to treat gold ore obtained from the Burns and Dutchman mining leases. The present McMurdo property covers the former Burns mining leases and quartz-sulphide veins. At about the same time, the Crown Point prospect, comprising lead-zinc-silver replacement style mineralization, was discovered at the headwaters of McMurdo Creek. This prospect was periodically mined until the 1940s with a total of 762 meters of underground workings. Several minor gold showings were also discovered near the former Crown Point mine at this time.

In 1966, West Gate Mines completed the most recent documented exploration program focusing on gold in the area. West Gate’s work consisted of prospecting and re-sampling of historical workings, and recommended diamond drilling to follow up on results.

Commencing in the late 1970s, the area underwent regional exploration over a period of several years for SEDEX-style lead – zinc mineralization. A significant amount of geological, geochemical and geophysical surveying was completed, followed by exploration diamond drilling. Only a small portion of this work was completed on the McMurdo property, and most of the geochemical samples were not assayed for gold.

Message from
the
President

“
The confirmed presence of abundant high-grade gold veins
that have been revealed by glacial recession
,
combined with the lack of
modern-day
gold exploration
techniques
,
shows that the McMurdo property has strong potential for a significant
gold
discovery. With road access to the cla
i
m
block
and
proximity
to the community of Golden BC
,
the economics of
developing a
deposit
are clearly
enhanced.
We are looking forward t
o
advancing this high-grade gold property.
”

ON BEHALF OF THE BOARD

Daithi Mac Gearailt
President and Chief Executive Officer

Carl Schulze, P. Geo., Consulting Geologist with Aurora Geosciences Ltd, is a qualified person as defined by National Instrument 43-101 for Goldstrike’s Yukon exploration projects and has reviewed and approved the technical information in this release.

For new information from the Company’s programs, please visit Goldstrike’s website at GoldstrikeResources.com and sign up to receive news. For further information, follow Goldstrike’s tweets at Twitter.com/GoldstrikeRes, use the ”Contact” section of our website, or contact us at (604) 681-1820 or at [email protected]

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Forward-Looking Statements

Statements contained in this news release that are not historical facts are “forward-looking information” or “forward-looking statements” (collectively, “Forward-Looking Information”) within the meaning of applicable Canadian securities legislation and the United States Private Securities Litigation Reform Act of 1995. Forward-Looking Information includes, but is not limited to, disclosure regarding possible events, conditions or financial performance that is based on assumptions about future economic conditions and courses of action; expectations regarding future exploration and drilling programs and receipt of related permitting
.
In certain cases, Forward-Looking Information can be identified by the use of words and phrases such as “anticipates”, “expects”, “understanding”, “has agreed to” or variations of such words and phrases or statements that certain actions, events or results “would”, “occur” or “be achieved”. Although Goldstrike has attempted to identify important factors that could affect Goldstrike and may cause actual actions, events or results to differ materially from those described in Forward-Looking Information, there may be other factors that cause actions, events or results not to be as anticipated, estimated or intended. In making the forward-looking statements in this news release, if any, Goldstrike has applied several material assumptions, including the assumption that general business and economic conditions will not change in a materially adverse manner. There can be no assurance that Forward-Looking Information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on Forward-Looking Information. Except as required by law, Goldstrike does not assume any obligation to release publicly any revisions to Forward-Looking Information contained in this news release to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events.

QUEBEC, Nov. 30, 2020 (GLOBE NEWSWIRE) — Sorting through packages of samples, missharvey couldn’t be more excited – her first highly-anticipated apparel project just kicked off, in partnership with Represent, an American creative merchandising agency. “I’ve been working on ÉLEVEY for months,” said Harvey, “it’s a culmination of everything I’ve learned so far – about esports, about myself and about what I stand for.” ÉLEVEY is branded as a Digital Citizenship Company, rooted in promoting healthy interactions online and in the real world. “It’s all about how to be a better person, we tried to put that into apparel, a physical sign of ‘hey, I stand with you, I’m all about making the world a better place,’” Harvey reflects. “ÉLEVEY is about uplifting one another, and putting ourselves into the world as the best digital citizens we can be.” 

The first collection called “rose water” features unisex tops, masks, hoodies and jackets designed for comfort and functionality. For Harvey, it’s all about community: “I am committed to my community and to giving back to them – ÉLEVEY is a tool to give back.” An advocate for anti-cyberbullying, Harvey is committing 75% of her mask sales to the Cybersmile Foundation. 

Hailing from early days of esports, Harvey still remembers ill-fitting team jerseys and limited branding. “With “rose water” we put comfort first, closely followed by meaning,” says Harvey, “We’re being very strategic in how we position this brand. It’s not about being my fan. It’s about being your own fan.” Combining elements of esports culture, pop fashion and art has been a journey for the ÉLEVEY team. Each garment has been hand-picked by Harvey as meeting a high standard of quality and design. Each design has been engineered for inclusive fit, ranging from XS – 4XL. In the words of missharvey, “We wanted to see designs that would appeal universally to men and women, and still feel and look good without making it gendered.”

CLICK HERE FOR PRESS KIT

ABOUT MISSHARVEY


A five-time world champion in competitive Counter-Strike, and
longtime
female pro-gaming icon, Stephanie “
missharvey
” Harvey is now Counter-Logic Gaming’s Director of Esports Franchise Development and Outreach. Formerly a game designer for Ubisoft Montreal, Stephanie dedicates much of her time raising awareness for healthy gaming habits, gender equality, and online toxicity. She is also currently working with the International Olympic Committee esports group, is a spokesperson for
DreamHack
Montreal and has her own web series on RDS Jeux
Vidéo
, “Vie de Pro”. Her 17 years in esports and 7 years as a developer awarded her a Forbes 30 under 30, BBC 100 women and the title of Canada’s Smartest Person Season 3 on CBC.

CONTACTS

Martin Rufiange (Canada)

Réverbères Média

(514) 519-0218



[email protected]


 

Jason Moore (USA)

RENOWN Management

310.490.0161



[email protected]